Business, 17.08.2020 01:01, Reagan650

On January 2, Year 1, Polk borrowed $60,000 and used the proceeds to purchase 90% of the outstanding common shares of Strass. This debt is payable in ten equal annual principal payments, plus interest, beginning December 30, Year 1. The excess cost of the investment over Strass' book value of acquired net assets should be allocated 60% to inventory and 40% to goodwill. On January 2, Year 1, the fair value of Strass shares held by noncontrolling parties was $10,000. On Polk's January 2, Year 1, consolidated balance sheet, stockholders' equity including noncontrolling interests should be

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On January 2, Year 1, Polk borrowed $60,000 and used the proceeds to purchase 90% of the outstanding...